The Impact of the Life Cycle on the Company`s Capital Structure

Student: Skrivitskaya Ekaterina

Supervisor: Elena V. Kozicheva

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

The choice of capital structure is one of the main questions the financial activities of companies. Most often in the study of capital structure analyzed large public companies that as a consequence moves the selection in favor of stable Mature companies. In addition, without due attention to the previous stages of company development and consideration of future prospects. However, it is worth noting that the financial characteristics of the company suffer changes as you move along its life cycle. At each development stage has different financial needs, the relative value of a company and the availability of financial resources. Therefore, the optimal ratio of own and borrowed capital should vary depending on what stage of the lifecycle a company is located. The purpose of this study is to prove that capital structure is changing depending on at what stage of the lifecycle a company is located.

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